OMV Petrom is a signatory to the United Nations (UN) Global Compact through Global Compact Network Romania and is fully committed to the UN Guiding Principles on Business and Human Rights. Also, we continue supporting all Sustainable Development Goals (SDGs) defined and prioritized by OMV Petrom. Our Company Sustainable Strategy and KPIs are defined considering the commitment to SDGs.
OMV Petrom recognizes that mitigating climate change is one of the most important global objectives and acknowledges the goals set forth by the Paris Climate Change Agreement and the EU climate targets for 2030. The company supports the Paris Climate Change Agreement. Moreover, as part of our environmental strategy, we have endorsed the World Bank’s initiative “Zero routine flaring by 2030” and consequently aim to end routine flaring and venting of associated gas during oil production by 2030 at the latest.
In July 2020, OMV Petrom became the first Romanian company to support the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). This voluntary engagement demonstrates our commitment to giving more visibility to our climate-related initiatives, evaluating, disclosing and taking action on climate-related risks and opportunities. In line with these recommendations, we disclose, where possible, in this report, climate change-related considerations in the operational elements of governance, strategy, risk management, and metrics and targets.
To further increase transparency towards the investors’ community and reflect our commitment to sustainability, in 2021 we have been evaluated by ISS ESG, from which we obtained a score of C+ and by CDP, from which we obtained a score of A- (based on OMV Group’s response).
OMV Petrom is ranked in the top 3% of the Oil & Gas Producers Industry in Sustainalytics’ ESG Risk Ratings as of October 2021, achieving a score of 22.4 (medium risk).
We will continue to increase our disclosure on ESG topics and aim to improve our sustainability performance.